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🙏 Thank You, Team Vici! A huge thank you to everyone who showed up for last night’s How to Trade a Trade Plan webinar. It was one of the best ones we have ever done, and I truly appreciate everyone’s participation.
Morning everyone. Today is Friday, October 23rd, and yesterday’s trade plan was absolutely phenomenal. We called the market lean to the downside as price held our 7710.00 level, only to pop up and play the 50-day moving average close to our 7745.50, and then watch the market cascade down. Once again, we smacked the 7713.00 4-Hour for the short, and on the pop back up, we hit the 7724.00 4-Hour for a perfect touch, only to bring it down to new lows on the day. Congratulations to all those who took advantage — many, many subscribers banked serious points as VIX, SPX, and ES all played flawlessly according to the trade plan. It was a glorious day, and in fact, it has been an incredible week, hands down, for trade plan subscribers. We have people hitting all-new personal bests and personal records, so congratulations to all those who have been dedicated, patient, and have stuck to the plan.
As we come into the morning, we are down 19 points at the time of this writing, as the S&P is coiled in a very tight range and getting extremely close to our major target — the sweep underneath Friday’s low and Sunday’s Globex open. We are approaching the 7673.50 Weekly we have been targeting all week long. Price continues to flirt with this level, but it has maintained its stance in the overnight session.
A Note on Today’s Market:
News: No Red Tag news and no pre-market news this morning. Everything lands after the open: Flash Manufacturing PMI at 9:45 a.m., then Revised Consumer Sentiment and Revised Inflation Expectations at 10:00 a.m. These are relatively large numbers even though they are not Red Tag, so expect some volatility around these times and be prepared for the shake.
Volume: Relative Volume is slightly elevated at +12%, which indicates we could potentially get our full range of motion today.
Range: Expected range of 81.75 points. We have only moved 36.25 points this morning, leaving approximately 45.5 points left in today’s range above or below the overnight highs or lows.
Gamma: We are still in Negative Gamma, with dealers positioned to the short side and the gamma flip all the way up at 7850.00 — insinuating they are short this market until almost all-time highs, which is a huge statement in itself. When dealers hedge to the downside, it can cause increased volatility, expanded ranges, and lots of fun. But the market can get a little crazy and whippy, so make sure you size appropriately.
Trend: Down on all timeframes — Weekly, Daily, 4-Hour, and 1-Hour. Our process continues to guide us below the 7673.50 Weekly and potentially down into the 100-day moving average around 7644.50.
Also, today is Friday — it is our job to extract money from this market before 12 o’clock and get the heck out of Dodge.
🧠 Current Market Context
Riding the Short Since Wednesday & The Weekly Target in Reach
We are still pointed to the downside, and the backdrop supports it: we have the midterms coming up next month, geopolitical headlines with Iran, and, more importantly, some terrible inflation numbers that have really shaken the market. On top of that, we have AI headlines questioning whether these companies will ever be profitable — a huge problem for a lot of the companies that have invested in these business models and continue to put strain on their overall books. We are down on the Weekly, Daily, 4-Hour, and 1-Hour, and we continue to traverse lower. We have no reason to look for longs today, as we keep riding this short down — essentially as we have been since Wednesday.
